Premier Anna Bligh has been briefed at the final disaster management meeting this morning.

She says the BOM is monitoring the situation.

"They believe there is only a small possibility of a tropical cyclone developing before Australia Day, but that possibility lifts to a moderate possibility after Australia Day," she said.

BOM senior forecaster Brian Rolstone says the system is expected to deliver heavy rainfall and strong winds between Cape York and Cardwell in far north Queensland but it should move away from the coast.

"It'll be short intervals of heavy rain, and probably during Sunday it will move away from the coast and conditions will ease," he said.

"But the threat is really for tomorrow and going into Sunday and it will be most likely the centres of Cooktown and Cairns and north of Cardwell as well."